SpinnyLiberal’s (SL) recent post reminds us there is another viewpoint to the Dodd-Frank legislation. SL took aim at 21st Mortgage, starting with the allegation that “Predatory Lenders Hate Regulation.” According to SL, the ‘janitress’ “showed me a packet she got in the mail from 21st Mortgage Corporation, her mortgage company. She asked me about it. Oh man. After reading it? Head. Spinning. Anger.” The package contained form letters and pre-addressed envelopes, asking the 21st Mortgage customer to write her Senators and U.S. Representative. The cover letter explained why Dodd-Frank in its current form will harm manufactured home owners. SL wrote, “Unbelievable. They encouraged her to voice her opinion with prewritten letters?” SL wraps up his lengthy blast at 21st – complete with examples – by writing: “The Manufactured Home Owners Association of America agrees. They know that the Dodd-Frank Act is a good thing. Selling homes that people can actually afford so they don’t end up foreclosing. What a concept. I shouldn’t be surprised that companies protecting their shady interests would try tricks like this…She dumped the packet in the shredder…exactly where they belong.” In a posted reply, LATonyK responded to SL with “The truth is the truth. 21st Mortgage is right on this. Barney Frank has said the bill needs amending, and has said he will work to amend it.” SL’s reply? “The tactics 21st Mortgage used were downright disgusting. Prewritten letters made to look like the MH owners wrote them to be placed in prepaid envelopes to send to their Senators? …People shouldn’t feel like they should send them because the one they pay every month told them to. If the MH owners have a problem with Dodd Frank, they can voice their opinion. NOT the opinion of 21st Mortgage.” LATonyK countered: “Spinny, Just as you are sounding off and lining up support for Dodd-Frank, so too the lender can sound off and ask for support to change it. The fact that Barney Frank…is willing to amend his own legislation should be compelling to any thinking person…a true liberal should be for not against free speech. It should not matter who states a fact. The facts support 21st (Mortgage) in this matter. If I were a stockholder… I’d argue that they are absolutely correct in asking their customers to write. It would be irresponsible to not let their customers know what is coming, if they have an opportunity to stop this from negatively impacting millions (of) manufactured home owners.”
(Graphic credit: SpinnyLiberal)
3 thoughts on “Spinny Liberal attacks 21st Mortgage on Dodd-Frank reform effort”
Ron Bunner
The problem is that most homeowners are lazy and dont take the extra time to get the senators and etc involved. Everyone talks about doing something, but very few do anything about it. I am not saying 21st is not being aggresive, just saying someone needs to lead at some point. Our industry and chapters have spent way to much time on diplomacy when we should have been stepping up and demanding our industry be respected as realtors and builders have. They dig in, we should do the same. nnu00a0Why aren’t we going back to recourse buisiness and allowing everyone to share the liabilty thru these times of ecomomic issues, which allows our industry to regain strength and structure ourselves for long term stability. Keep the business in the hands of the long term decisions makers not short down payments and fruad buisness crerated by Retailers that should have been policed by a dept in our industry that we created.u00a0Do we really need theu00a0Senators and etc to make our business strong????? Or do we need to step as an industry and take the bull by the horns????u00a0nnRegards,nRon Bunneru00a0
James C
@Ron-nI agree that people need to speak up and call and if they weren’t so justly cynical and pessimistic about our elected officials, it would probably happen more.nAs a rule, I try to avoid all encompassing stereotyping statements such as “all homeowners are lazy.” u00a0Many homeowners in my communities are working 2-3 jobs, raising families, and trying to eek out anu00a0existence.They’re not too lazy, they just have no idea how these regulations, which are painted to look like a great idea, really affect their pocketbooks, nor do they have time to investigate it. u00a0
Tim
Dear MHMSMnIt is pretty clear that the person that bashed 21st nMortgage for the letter they sent out to their customers requesting nthese customers contact their senator about Dodd-Frank, wasn’t thinking nof the fact that when they themselves decide to sell their own nmanufactured home, the new buyer won’t be able to obtain a loan and it nwill decrease his/her asset value because that new buyer will have to pay ncash. . . ignorant people.u00a0nnnTimothy W. ApelAAA Homes, Inc.n
The problem is that most homeowners are lazy and dont take the extra time to get the senators and etc involved. Everyone talks about doing something, but very few do anything about it. I am not saying 21st is not being aggresive, just saying someone needs to lead at some point. Our industry and chapters have spent way to much time on diplomacy when we should have been stepping up and demanding our industry be respected as realtors and builders have. They dig in, we should do the same. nnu00a0Why aren’t we going back to recourse buisiness and allowing everyone to share the liabilty thru these times of ecomomic issues, which allows our industry to regain strength and structure ourselves for long term stability. Keep the business in the hands of the long term decisions makers not short down payments and fruad buisness crerated by Retailers that should have been policed by a dept in our industry that we created.u00a0Do we really need theu00a0Senators and etc to make our business strong????? Or do we need to step as an industry and take the bull by the horns????u00a0nnRegards,nRon Bunneru00a0
@Ron-nI agree that people need to speak up and call and if they weren’t so justly cynical and pessimistic about our elected officials, it would probably happen more.nAs a rule, I try to avoid all encompassing stereotyping statements such as “all homeowners are lazy.” u00a0Many homeowners in my communities are working 2-3 jobs, raising families, and trying to eek out anu00a0existence.They’re not too lazy, they just have no idea how these regulations, which are painted to look like a great idea, really affect their pocketbooks, nor do they have time to investigate it. u00a0
Dear MHMSMnIt is pretty clear that the person that bashed 21st nMortgage for the letter they sent out to their customers requesting nthese customers contact their senator about Dodd-Frank, wasn’t thinking nof the fact that when they themselves decide to sell their own nmanufactured home, the new buyer won’t be able to obtain a loan and it nwill decrease his/her asset value because that new buyer will have to pay ncash. . . ignorant people.u00a0nnnTimothy W. ApelAAA Homes, Inc.n